Kathmandu: The special general meeting of Ajod Insurance has passed the proposal to change the share ownership structure of the company from 70:30 to 51:49 percent. Now, the company will have promoter to public share ratio of 51:49 percent.
The company was held at Lanchaur Banquet of Kathmandu on Friday morning. Now, the promoter shareholder can convert their 27.14 percent share out of 70 percent to public share.
Similarly, the AGM has endorsed the decision of the Board of Directors to form a Merger Committee for the purpose of merger or acquisition with any other general insurer to meet the minimum paid-up capital requirement. The meeting of the BODs held on 25 Jestha 2079 had formed the sub-committee on mergers and acquisitions and to submit it to the insurance authority for approval.
The AGM has also passed the proposal to delegate authority to the BODs to take decisions and amend the Memorandum of Association and Article of Association for the accomplishment of merger or acquisition process.
The company has signed a MoU for merger with the Prabhu Insurance Company. Prabhu Group is the major shareholder of Prabhu Insurance while the promoter of Bhatbhateni Super Market is one of the major promoters behind Ajod Insurance.
